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Thursday, June 28, 2018

Most Canadians to spend more this year for summer vacations: CPA survey

Summer Spending Balancing Act

(News Release)

Toronto, June 28 2018–
A new survey conducted for Chartered Professional Accountants of Canada
(CPA Canada) finds more than half (56 per cent) of respondents plan to
spend more this summer compared to the same season last year.

Taking
into consideration household spending, 30 per cent of those surveyed
say their expenditures will increase between $500 to under $2,000 this
summer compared to 2017.

Meantime,
45 per cent say they have less money this year compared to the same
time last year after paying for their monthly household essentials.

Other key findings of the survey comparing summer 2018 with the previous year:

·62 per cent are spending more on transportation fuel costs.

·50 per cent are paying more for food.

·37 per cent are spending more on home energy costs.

Almost four in ten (38 per cent) say they find it stressful to pay for their expenditures during the summer months.

“With
spending anticipated to heat up over the summer, the need for
individuals and families to effectively track their expenditures is
amplified, especially for those who call the season stressful when it
comes to money management,” explains Doretta Thompson, Director of
Corporate Citizenship, CPA Canada. “This is especially true since a
significant number of survey respondents say they are entering this
summer with less money than at the same period a year ago. For many,
tough decisions lie ahead on how to best enjoy the summer months but not
overspend.”

How much Canadians plan to spend on summer vacation

Nearly
two thirds (62 per cent) of respondents say they are planning a
vacation this summer, with 21 per cent revealing they expect to spend
less than $1,000. One quarter plan to spend $1,000 to less than $2,000
and 20 per cent expect to spend $2,000 to less than $3,000. Another 19
per cent plan to spend $3,000 or more.

For those planning to take a vacation outside of where they live:

·46 per cent say they will stay within their province or territory.

·39 per cent plan to go to another province or territory.

·28 per cent are opting to head to the U.S.

·22 per cent are planning a trip elsewhere in the world.

Just
over half (56 per cent) of survey participants planning to take a
vacation say they will use their general savings to pay for their
holidays. Of those, 40 per cent are using savings put aside especially
for a vacation and twenty per cent say they will borrow the money for
their holiday.

The
survey revealed summer is the season where the second most amount of
money is spent overall, cited by 21 per cent of respondents. Winter was
the most expensive, according to 41 per cent of those surveyed, followed
by spring and fall at six and five per cent respectively. Twenty-five
per cent noticed no difference in cost between all four seasons.

The
2018 CPA Canada Summer Spending Survey was conducted by Elemental Data
Collection Inc. via telephone between June 4 and June 10, 2018 with a
national random sample of 1,000 adult Canadians aged 18 years and over
and is considered accurate to within ± 3.1 per cent, 19 times out of
20. A survey summary report is available online atcpacanada.ca/summerspending2018.

Note:
The summary report contains a breakdown of the anticipated spending
projections of the respondents. In some categories, the findings do not
add up to 100 per cent because of rounding.

ABOUT CPA CANADA

Chartered
Professional Accountants of Canada (CPA Canada) is one of the largest
national accounting organizations in the world, representing more than
210,000 members. Domestically, CPA Canada works cooperatively with the
provincial and territorial CPA bodies who are charged with regulating
the profession. Globally, it works together with the International
Federation of Accountants and the Global Accounting Alliance to build a
stronger accounting profession worldwide. CPA Canada, created through
the unification of three legacy accounting designations, is a respected
voice in the business, government, education and non-profit sectors and
champions sustainable economic growth and social development. The
unified organization is celebrating five years of serving the
profession, advocating for the public interest and supporting the
setting of accounting, auditing and assurance standards. CPA Canada
develops leading edge thought-leadership, research, guidance and
educational programs to ensure its members are equipped to drive success
and shape the future.cpacanada.ca